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Company News SECURITIES MARKET NEWS LETTER Weekly SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody June 11, 2020 Issue No. 2020/22 Company News STLC says Transport Minister Ditrikh chairs board of directors On June 5, 2020 it was stated that Russia’s State Transport Leasing Company (STLC) elected a new board of directors, and Transport Minister Yevgeny Ditrikh became its chairman. STLC CEO Mikhail Poluboyarinov, Aeroflot CEO Vitaly Savelyev, and Russian Railways’ First Deputy CEO Vadim Mikhailov are the new members of the board of directors. Sergei Khramagin, advisor to Poluboyarinov and former CEO of STLC, was elected as the board’s deputy chairman. Novatek says prolongs share buyback program until June 2021 On June 5, 2020 it was reported that the management board of Russian independent gas producer Novatek decided to prolong a share buyback program until June 7, 2021 under the current conditions. Novatek’s board of directors approved USD 600 mln buyback program in June 2012 and prolonged it several times. In May 2019, the program was extended until June 7, 2020. VimpelCom CEO Torbakhov to leave X5 supervisory board On June 5, 2020 it was announced that Alexander Torbakhov, who headed Russian mobile operator VimpelCom in early April, would quit the supervisory board of X5 Retail Group, the owner of grocery chains Pyaterochka, Perekrestok, and Karusel. The board is currently looking for a suitable candidacy for the vacancy. Sberbank in talks to buy 30% of Ozon after extra issuance On June 5, 2020 it was reported that Sberbank was in talks to buy a large stake in online retailer Ozon. The proposed Ozon deal is part of Sberbank boss German Gref’s plan to create a one-stop technology platform offering a wide range of financial and other services. Sberbank is ending two online joint ventures with Yandex, having long failed to agree on strategy with the Internet company, and plans instead to join telecoms-to-medicine firm Sistema and private equity group Baring Vostok as Ozon stakeholders. Under the draft plan, Sberbank could end up with a stake of around 30% in Ozon after the retailer issues additional shares, two of the sources said, because neither Sistema nor Baring Vostok want to sell out. A banker close to the deal said that an agreement was nearly ready. Sistema and Baring Vostok each own around a 40% stake in Ozon, one of the rare winners in the coronavirus crisis as online purchases boom amid a nationwide lockdown. The sources did not say how much Sberbank would pay for the stake or how Sistema’s and Baring Vostok’s stakes would change. Sberbank and Ozon stated that they do not comment on rumors. An official representative of Sistema said the holding does not comment on the reports regarding Ozon. RusHydro finalizes asset swap agreement with SUEK On June 5, 2020 it was stated that Russian hydropower giant RusHydro and Siberian Coal Energy Company (SUEK) finished a swap of assets. As a result, the group of minority shareholders left the shareholder structure of Far Eastern Energy Company to receive the Luchegorsky coal mine and the Primorskaya GRES power plant, and RusHydro’s stake in Far Eastern Energy Company grew to 94.1%. Marathon Group unit buys 0.15% stake in Magnit for RUB 579 mln On June 8, 2020 it was stated that Natsbioprodukt, a unit of investment company Marathon Group, purchased another 150,826 shares, or 0.15%, in Russian grocery retailer Magnit for around RUB 579 mln. The deals were carried out on June 2–4 over the counter. Magnit said earlier that Natsbioprodukt bought a 1 0.5% stake in the company for around 2 billion rubles on February 14 and 0.4% for around RUB 1.2 bln in March. CEO Shulginov to leave RusHydro in September 2020 On June 8, 2020 it was announced that Russian hydropower giant RusHydro’s CEO Nikolai Shulginov was expected to leave the company in September once his 5-year contract expires. 69-year Shulginov could be replaced by Deputy CEO Viktor Khmarin, State Duma deputy Denis Kravchenko or former top executive of the company George Rizhinashvili. Schroeder reelected as chairman of Rosneft’s board of directors On June 8, 2020 the board of directors of Russian oil major Rosneft reelected former German Chancellor Gerhard Schroeder as its chairman. Rosneft buys back 137,904 shares for USD 800,000 on June 1–5, 2020 On June 8, 2020 it was reported that Russian oil major Rosneft bought back 137,904 shares and global depositary receipts (GDRs) for USD 800,000 in the week from June 1 through June 5. The weighted average price stood at USD 5.48 apiece. Since the launch of USD 2 bln buyback program on March 23, the company bought back 35.541 mln securities for USD 149.8 mln. Bank Saint Petersburg says cancels 12 mln shares to cut capital On June 8, 2020 Bank Saint Petersburg cancelled 12 mln of shares. The shareholders of the bank approved the decrease of charter capital to RUB 507.7 mln at the end of May. Watchdog clears Sinara to buy 50% in Vagonmash On June 9, 2020 Russia’s Federal Antimonopoly Service cleared Sinara-Transport Machines Holding, a unit of Dmitry Pumpyansky’s Sinara Group, to acquire a 50% stake in St. Petersburg-based Vagonmash. The watchdog ruled the deal will not lead to restricted competition. Vagonmash focuses on the development and production of subway cars and urban electric vehicles. It is 49% owned by Kirovsky Zavod and 51% by the Czech Republic’s Skoda Transportation. X Holding founder Cherepennikov joins MegaFon’s board of directors On June 9, 2020 shareholders of Russian mobile operator MegaFon elected five new members of the seven- seat board of directors, including multi-profile IT group X Holding’s founder and head Anton Cherepennikov. USM General Director Ivan Streshinsky also joined the board. MegaFon’s sole owner, holding company USM, said in late April it had agreed to acquire X Holding through its unit USM Telecom, and the deal can be completed in 2020. Rosagroleasing says board recommends issuing RUB 6 bln of shares On June 9, 2020 the board of directors of Russia’s state-run agricultural leasing company Rosagroleasing recommended raising charter capital by RUB 6 bln by issuing 12 mln of common shares. The decision is subject to approval by an extraordinary general meeting of shareholders. The company’s capital presently amounts to RUB 97.038 bln split to 194.077 mln common shares. CEO says AlfaStrakhovanie to raise charter capital to RUB 15 bln On June 11, 2020 Vladimir Skvortsov, CEO of Russian insurer AlfaStrakhovanie, said that the company would raise charter capital by RUB 2.5 bln to RUB 15 bln. He said that the net profit of AlfaStrakhovanie Group was about RUB 9 bln in January–March and charter capital would rise by the share price increase from the undistributed net profit for previous years. Dividends/coupons RusHydro to pay no less than average for 3 previous years in 2019 dividends On June 4, 2020 it was stated that Russian hydropower giant RusHydro retained plans to pay no less than the average for the three previous years in dividends for 2019. RusHydro does not expect its assets to be devalued in 2020–2021 due to the completion of the key investment projects before 2021–2022 or after that. Steady growth of dividends in the medium term is expected. Magnit owners approve paying RUB 16 bln in final 2019 dividends On June 8, 2020 shareholders of Russian retailer Magnit approved paying RUB 157 per share, or a total of RUB 16 bln, in final dividends for 2019. Magnit already paid RUB 15 bln in dividends for January–September 2019. Thus total dividends for 2019 will amount to RUB 31 bln. For 2018, Magnit paid RUB 16.997 bln in dividends. VTB Bank holds 17.28% in Magnit. 2 Severstal to pay RUB 27.35 per share in dividends for January–March 2020 On June 8, 2020 shareholders of Russian steelmaker Severstal approved paying RUB 27.35 per share, or a total of around RUB 22.91 bln, in dividends for January–March. The record date for dividends is June 16. Severstal paid RUB 35.43 per share, or RUB 29.68 bln, in dividends for January–March 2019. The core owner of Severstal is tycoon Alexei Mordashov with a stake of 77.03%. MegaFon’s shareholders decide not to pay dividends for 2019 On June 9, 2020 shareholders of Russian mobile operator MegaFon decided not to pay dividends for 2019. MegaFon did not pay dividends for 2017 and 2018 either. Potanin calls for cancelling Norilsk Nickel’s dividends in 2020 On June 11, 2020 tycoon Vladimir Potanin, the owner of Interros Holding, controlling 34.5% of Russian metals giant Norilsk Nickel, has suggested that the company’s dividends should be cancelled during 2020, and final payments for the period should be limited by USD 1 bln. The initiative is, among other things, linked to a recent spill of diesel fuel at a thermal power plant in Norilsk, which will cost the company large-scale losses from elimination of the consequences. Eurobonds / DRs Alfa-Bank says demand for Eurobonds exceeds EUR 800 mln On June 5, 2020 it was reported that investor demand for 3–5 year Eurobonds of ABH Financial Limited, the holding company of the banking group of Russia’s Alfa-Bank, exceeded EUR 800 mln on June 4. Initially, it planned to offer EUR 300 mln with a coupon guidance of 3% annually, but the guidance was reduced to 2.875% annually and finally set at 2.7%, while the offer was expanded to EUR 350 mln during bookbuilding.
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